• Kyodo

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Michinoku Bank said Thursday it has obtained approval from Russian authorities to take deposits from individual customers at its local unit in Moscow.

The midsize regional bank, based in Aomori Prefecture, said it hopes to attract savings from Japanese residents and Russian employees of Japanese companies in Moscow.

The bank plans to install several automated teller machines in the city, bank officials said.

Michinoku Bank set up its wholly owned subsidiary in Moscow in July 1999. It is the only local unit of a Japanese bank in the city.

Under Russian regulations, financial units of foreign firms are only allowed to engage in limited retail operations for the first two years, such as remittance and foreign currency exchange.

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